T-Mobile still waiting for PTC stake

19 Aug 2004

T-Mobile International has moved a step closer to winning full control of its Polish mobile subsidiary Polska Telefonia Cyfrowa (PTC). The Polish utility company Elektrim, which holds a stake in PTC as part of a venture with Vivendi of France, has revealed that it still wants to exit the telecoms sector to concentrate on its core energy business. The partners are expected to sign an agreement over the next few weeks which will set out the terms of the disposal of their joint owned 47.99% stake. Vivendi has already made it clear that it would like to dispose of its Polish assets to help cut its debt. Elektrim has also been keen to exit PTC but has so far failed to win the backing of bondholders.